Silver-
Ichimoku analysis (4-hour chart)
Tenken-Sen- $28.34
Kijun-Sen- $27.90
Silver lost its shine on the hawkish Fed. It hit a low of $27.58 yesterday and is currently trading around $28.37.
The US 10-year yield surged more than 15% in the past month as strong inflation decreased the rate cut chance. Markets eye further developments in the Iran and Israel war for further movement.
US Retail sales - Strong (negative for silver)
Gold-silver ratio-
Gold/Silver ratio- 83.60. The ratio declined from 91 to 82.26 well above the historical average of 52. So silver will outperform gold. It is good to buy silver at lower levels compared to gold.
Major trend reversal level -$30
It trades above 21, 55- EMA, and above 200 EMA in the 4-hour chart. The near-term support is around $28.49 and a break below the targets of $28/$27.60/$27.20/$26.85/$26.25. On the higher side, immediate resistance is around $29.25, and any breach above targets is $29.53/$30.
It is good to buy on dips around $27.65-70 SL around $26.80 for TP of $30.


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